2 years ago

Use the formula for computing future value using compound interest to determine the value of an account at the end of 6 years if a principal amount of $2,500 is deposited in an account at an annual interest rate of 7% and the interest is compounded daily. (Assume there are 365 days in a year)
The amount after 6 years will be $?

Here,
A = Amount (that we have to calculate)
P = Principle Amount.. (P = 2500)
r = Annual Rate of Interest (in Decimal) (r = 0.07)
n = Number of Times the Interest is compounded per year..(n = 365)
t = Amount of Money accumulated after n years, Including Interest.. (t = 6)
Put these values in the formula given above and solve for A..
Can you do it??